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REQUEST FOR COUNCIL ACTION <br />Date: 9/27/2004 <br />Item No: 3.c <br />Department Approval: <br />� � �� <br />Manager Approved: <br />Agenda Section: <br />Consent <br />Item Description: Consider the Issuance of Tax-Exempt Conduit Debt for Presbyterian Homes. <br />Introduction <br />Under Federal and State Statutes, municipalities are authorized to pledge their bond issuance <br />authority to non-profit groups that provide housing or long-term care facilities that are deemed to <br />be in the best interest of the City, and results in no negative fiscal impact. The bonds are <br />considered conduit debt, and do not constitute a financial obligation in any part by the City. <br />However, the City must still meet all legal requirements prior to issuing any tax-exempt bonds. <br />Presbyterian Homes of North Oaks, Inc., has requested that the City of Roseville, in conjunction <br />with other area cities, provide tax-exempt financing for the purposes of: <br />L} The acquisition of land and site improvements and the construction and equipping of <br />approximately 150 units of senior housing located at 5959 Centerville Road (at the <br />intersection of Centerville Road and County Road J.) in the City of North Oaks, <br />Minnesota. The units will consist of 84 units designated as senior independent congregate <br />housing, and 66 units designated as assisted living. <br />�� Site improvements to the Boutwells Landing Continuing Care Retirement Community at <br />the southwest corner of the intersection of Norwich Parkway and Nolan Parkway in the <br />City of Oak Park Heights, Minnesota ("Oak Park Heights"), for general community uses <br />and park facilities. <br />�� Acquisition of approximately 22 acres of land in the Town of Baytown, Minnesota, <br />adjacent to the existing Boutwells Landing Continuing Care Retirement Community in <br />Oak Park Heights which will be developed in the future for additional senior housing <br />Discussion Items <br />Although the improvements lie outside of Roseville city limits, Roseville is allowed to <br />participate in this fmancing due to the presence of similar facilities in Roseville that are also <br />owned and operated by Presbyterian Homes. The City of Roseville will receive an <br />administrativefee of approximately $20,000 in exchange for its participation. <br />